Law of Commercial Pledge

Release Date:	1439-08-08
Release Tool:	Royal Decree
Issuance Instrument Number:	m/86
Validity:	Valid
Date of last amendment:	1441-08-15
Summary:	By AI King Salman bin Abdulaziz Al Saud approved the Commercial Mortgage Law by royal decree, requiring existing mortgage contracts to be amended to comply with the new law within six months. The law stipulates that its enforcement does not affect the priorities of mortgagees in existing contracts until the specified grace period expires. The law allows for the registration of the security right in a unified register, determining the priority of rights based on the registration date. It includes amend...

Release Date:

1439-08-08

Release Tool:

Royal Decree

Issuance Instrument Number:

m/86

Validity:

Valid

Date of last amendment:

1441-08-15

Summary:

By AI

King Salman bin Abdulaziz Al Saud approved the Commercial Mortgage Law by royal decree, requiring existing mortgage contracts to be amended to comply with the new law within six months. The law stipulates that its enforcement does not affect the priorities of mortgagees in existing contracts until the specified grace period expires. The law allows for the registration of the security right in a unified register, determining the priority of rights based on the registration date. It includes amend...